Question # 1

In monopoly and perfect competition the cost curves are

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similar

different

opposite

falling in competition rising in monopoly

When AC curve rises, MC curve remains:

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Above AC

Below AC

Equal AC

Negative

If the price of a product increase from Rs. 12 per unit and as a consequence quantity demand of the product falls from 100 units to 50 units . The price elasticity of the product will be.

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2.5

0.5

1.5

3.5

Members of a public limited company are elected by.

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Directors

Government

Financial institutions

Share holders

The extent of market depends upon

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Means of transport and communication

Political instability

Economics instability

Trade restriction

Why should employ units of a factor to a point where

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MP is negative

MP is equal to price of the factor

MP is positive

MP is rising

The slopes of average and marginal products curves are always zero under:

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Law of increasing returns

Law of diminishing returns

Law of constant returns

Law of variable propoitions

A firm attains sub-normal profit under perfect competition when its:

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AR = P (Price)

AR < P

AC = P

AC < P

In case of perfectly elastic demand curve, the demand curve will be parallel to the.

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Horizontal Axis

Vertical Axis

None of the above

If demand has unit price elasticity, a change in price causes

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increase in total revenue

decrease in total revenue

no change in total revenue

indeterminate

Land is mobile factor of production.

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Not mobile

Mobile by the transfer ownership

Geographically mobile

Mobile vertically

Economic principle are also called

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economic law

economic theory

economic model

all of the above

When a competitive firm faces loss the slop of its MR curve is:

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Negative

Positive

Zero

Unity

These are kinds of capital EXCEPT

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fixed capital

expensive capital

working capital

real capital

According to Alfred Marshall, Economics should be taken as:

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Positive economics

Normative economics

Welfare economics

Applied economics

An example of money capital is

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cash

money in a savings account

prize bond

golden ring

They can expand their business by selling shares in the stock market

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proprietor of a business

partners of the business

joint stock company

industrial cooperative societies

Price of a product is determined in a free market

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by demand for the product

by supply of the product

by both demand and supply

by the government

One of the following can be registered in a stock exchange.

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Business under partnership

Cooperative society

Join stock company

Sole proprietorship

Unemployment due to mechanization of agriculture is

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seasonal

structural

industrial

personal

With an increase in cost of production, price of the product rises while supply of the product will.

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Fall

Rise

Remain unchanged

Non of the three

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